S&P Dow Jones Indices has taken its first step into on‑chain data distribution, partnering with digital‑assets provider Kaiko to tokenise the iBoxx US Treasuries Index — the first time a major financial benchmark has been issued as a native digital asset on a blockchain.
The index, one of the most widely referenced fixed‑income benchmarks in global markets, has been launched on the Canton Network with embedded data distribution, licensing and permissioning. The move forms part of a coordinated effort between S&P DJI and Kaiko to bring the iBoxx US Treasuries Index, and potentially other benchmarks, on‑chain.
Cameron Drinkwater, chief product & operations officer at S&P Dow Jones Indices, said demand for high‑quality Treasury index data on distributed ledgers is accelerating as US Treasuries become core collateral in digital‑asset markets.
“US Treasuries are becoming the base collateral for on-chain financial systems, and demand for benchmark‑quality Treasury index data available natively on distributed ledgers is accelerating,” she said. “This collaboration with Kaiko allows us to bring the iBoxx US Treasuries Index on-chain with the same intellectual property protections and licensing standards our clients depend on in traditional markets – while unlocking new efficiencies and expanded revenue opportunities.”
The tokenised index sits on‑chain as a non‑fungible token containing licensing rights and programmable data feeds. S&P DJI‑licensed product issuers will be able to access end‑of‑day levels, intraday prices and corporate actions through a single token, with lifecycle rules enabling S&P DJI to expire tokens and embedded metadata supporting automated compliance.
S&P DJI will retain full control over index distribution and intellectual property, with exclusive minting authority ensuring only authorised tokens are created.
Kaiko CEO Ambre Soubiran said the project represents a structural shift in how benchmarks can be delivered into digital‑native environments.
“With S&P Dow Jones Indices, Kaiko has built something the market has not seen before: a financial benchmark tokenised as a programmable, permissioned data asset with compliance and licensing built in,” she said. “This fundamentally changes the economics of building index‑linked financial products on distributed ledger networks.”
The firms said the initiative could pave the way for additional S&P DJI indices to be brought on‑chain as institutional adoption of tokenised assets continues to grow.
Capio explainer
What S&P DJI has done:
The iBoxx US Treasuries Index has been issued as a native on‑chain asset on the Canton Network — not as an investable token, but as a permissioned NFT carrying index data, licensing rights and usage rules.
What the token contains:
- End‑of‑day levels
- Intraday prices
- Corporate actions
- Embedded licensing and compliance metadata
Why it matters:
US Treasuries are becoming the core collateral layer for on‑chain finance. By tokenising the benchmark, S&P DJI can deliver institutional‑grade index data directly into blockchain systems, with automated reporting and lifecycle controls.
Who controls it:
S&P DJI retains exclusive minting authority and full IP protection, ensuring only authorised tokens are created and used.
